Oil Markets Exhale as Rita Passes By
Hurricane Rita damaged three oil refineries in Lousiana and Texas when it stormed ashore with winds topping 120 mph and more than a foot of rainwater. But most rigs, pipelines and refineries appear to have been spared.
As a result, oil industry officials were breathing a sigh of relief Sunday. Oil prices fell on world markets Sunday as traders reacted to news that Rita spared most of the refineries along the Texas Gulf Coast.
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